Insurance Company Applications

Summary#

This Gazette notice lists three insurance-related applications to the federal regulator.

• Economical Mutual Insurance Company plans to create a Canadian insurance holding company called Economical Holdings Corporation / Corporation Holding Économique and intends to file its application on or after February 1, 2021 (public objections due by March 1, 2021).
• Privilege Underwriters Reciprocal Exchange / PURE Assurances (a Florida reciprocal insurer) intends to apply for permission to insure risks in Canada on or after January 30, 2021.
• Trupanion, Inc. intends to incorporate a Canadian insurer called GPIC Insurance Company / Compagnie d’assurance GPIC (specializing in pet insurance); public objections are due by February 23, 2021.

What it does#

• Economical Mutual Insurance Company: Announces an application to incorporate a new property and casualty company in Canada to own and operate insurance businesses and provide services to affiliates. The proposed head office is in Waterloo, Ontario.
• Privilege Underwriters Reciprocal Exchange / PURE Assurances: Announces an application to set up a Canadian branch (a chief agency in Toronto) to insure personal lines property and casualty risks, including property, liability and automobile insurance. The company is based in Fort Lauderdale, Florida, with an administrative office in White Plains, New York.
• Trupanion, Inc.: Announces an application to incorporate a Canadian property and casualty insurer based in North Vancouver, British Columbia, that intends to focus on specialty pet insurance.

Who's affected#

• Consumers shopping for insurance in Canada — especially those buying property, liability, automobile, or pet insurance.
• Insurance brokers and agents who might sell policies from these new entrants.
• Existing insurers and industry observers who track market entrants and competition.
• The public can file written objections to the regulator by the listed deadlines (see Summary).

Why it matters#

• New companies or branches can mean more choices for people looking for home, auto, or pet insurance.
• More entrants can affect competition, service options, and how claims are handled.
• These are notices of intended applications to the federal regulator (the Office of the Superintendent of Financial Institutions) under the Insurance Companies Act (Canada), not approvals. Approval is not guaranteed.